Canadian frozen seafood giant High Liner posted a 16 percent increase in third quarter earnings before interest, taxes, depreciation and amortization (EBITDA) to $16.5 million (€14.9 million).

This came despite a near 9 percent fall in revenue to $220.1 million (€199.2 million), as sales volumes declined 6 percent to 60.2 million pounds compared with the same period a year earlier.

The company is now in the second year of its business turnaround plan.

Under the plan, less profitable lines are being dropped and new customers are being targeted with new products.

"With fewer SKUs and more emphasis on value-added products we are driving efficiency, increasing margins and delivering innovative and high-quality seafood to our customers," High Liner CEO Rod Hepponstall said.

"We are moving closer to a more optimal portfolio mix. I am confident that High Liner Foods is well positioned to continue to grow Adjusted EBITDA and seize new opportunities for profitable organic growth."